9911796707
TMI Blog2021 (10) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... E, the transaction cannot be held to be non genuine merely on the basis of statement made by third part, more so, when no opportunity to cross examine the person making the statement is afforded to the assessee. Revenue has not been able to controvert above findings of the CIT(A). We find no reason to interfere with the well reasoned order of the CIT(A) in deleting the addition. Therefore, the appeal of the Revenue lacks merit - Decided in favour of assessee. - ITA NO.5887/MUM/2019 (A.Y.2009-10) - - - Dated:- 1-9-2021 - SHRI VIKAS AWASTHY, JUDICIAL MEMBER Appellant by: Sh. Sanjay J. Sethi Respondent by: None ORDER PER VIKAS AWASTHY, J.M: This appeal by the Revenue is directed against the order of Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. Hence, the present appeal by the Revenue. 3. Sh. Sanjay J. Sethi representing the Department submitted that a search and seizure action was carried out at the premises of Mukesh Chokshi. During search Mukesh Chokshi in his sworn statement admitted that he is engaged in the business of providing accommodation entries through various companies including M/s Alliance Intermediaries and Network Pvt. Ltd. The accommodation entries are provided against cash receipts. In lieu of cash, cheques are issued to the respective parties. The ld. DR further pointed that the Tribunal in the case of M/s Gold Stat Finvest Pvt. Ltd. (ITA Nos. 4625/Mum/2005, 5000/Mum/2005), M/s Mahasagar Securities Pvt. Ltd. (ITA No. 4624/Mum/2005, M/s Alpha Chemic Tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re found to be genuine; (3) The AO has accepted the genuineness of the transactions of the sale of shares carried out through registered broker; (4) The transaction of sale of shares on the floor of BSE was found to be genuine; (5) The assessee in AY 2006-07 had transacted in shares through Alliance, the profit/loss on the transaction was duly reflected in the return of income for the relevant period. The Assessing Officer accepted genuineness of the transaction carried out by the same broker; (6) Alliance had filed an affidavit confirming that Alliance had sold shares to the assessee; and (7) The assessee was not provided opportunities to cross-examine the deponent on whose statement, the Revenue has made addition. Once, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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